I'm in the US & I received a gift under US$10,000 (~$8,500) recently from a relative overseas via a wire transfer to the local US bank. This gift is a rare occurrence, in preparation for the overseas trip my family is planning for next year.
Some people are advising me that I should take out the exact amount in cash, so it can get explained as a transfer to someone else. I'm thinking that, even though it is under $10,000, it would look suspicious if it ever comes up with a government agency.
Wouldn't it be better to leave it sitting there since it is a gift? If I transfer money to someone else right away, or take out that amount in cash, isn't there a higher chance to have it flagged as a possible money laundering (or worse, terrorism) act?